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Strong closing for the day
Thu, 3 Oct Closing

Indian equity markets opened on a positive note and continued their rally on heavy capital inflows due to firm global cues coupled with appreciation of rupee against the dollar. The markets were also helped by strong economic data coming from China and Europe. However, gains were capped as the continuation of the US federal government shutdown weighed on investor sentiment. Metal, Banking and Capital Goods sectors were leading the pack of gainers. While the BSE-Sensex closed higher by 381 points, the NSE-Nifty closed higher by 129 points. BSE Mid Cap and the BSE Small Cap closed on a positive note.

As regards global markets, Asian indices closed in the green. European indices have opened in the red. The rupee was trading at Rs 61.70 to the dollar at the time of writing.

According to a leading financial daily, Airtel's deal with Qualcomm may face regulatory hurdles. According to a recent communication of the department of telecommunications (DoT), the telecom ministry is discussing if the new shareholding structure would be permissible under the license agreement. Qualcomm Asia Pacific, which had a 74% stake in the venture, now holds just 6.55% equity, while Airtel acquired a 93.45% stake. At the time of buying the broadband wireless access (BWA) spectrum, the company was 13% owned by Global Holding Corp, and Tulip Telecom had a 13% stake, while Qualcomm Asia Pacific had the remaining 74% stake. DoT is also not sure whether the license needs to maintain the shareholding structure which it had submitted at the time of acquiring the license for the entire period of the license term.

According to a leading financial daily, Infosys has signed a multi-year contract with Toyota Motor Europe. The four-year contract will see Infosys managing the automaker's technology applications across Europe, including its core automotive processes such as supply chain, manufacturing, after sales etc. The company will support over 150 applications for Toyota across Europe through a managed services model aimed at providing higher customer satisfaction and cost benefit to the automaker. However, Infosys declined to reveal the financial details of the deal.

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